TAL Education Group (TAL) 2027 Q1 法說會逐字稿

Ladies and gentlemen, good day and thank you for standing by. Welcome to TAL Education Group's fiscal 2027 first quarter earnings conference call. (Operator Instructions) Please be informed, today's conference is being recorded.

各位女士、先生，大家好，感謝各位撥冗參與。歡迎參加好未來教育集團（TAL Education Group）2027 財政年度第一季度業績電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to Ms. Fang Liu, Investor Relations Director. Thank you. Please go ahead.

現在我想把會議交給投資者關係總監劉芳女士。謝謝。請開始。

Thank you all for joining us today for TAL Education Group's First Quarter Fiscal Year 2027 Earnings Conference Call. The earnings release was distributed earlier today and you may find a copy on the company's IR website or through the Newswire. During this call, we will hear from Mr. Alex Peng, President and Chief Financial Officer; and Mr. Jackson Ding, Deputy Chief Financial Officer. Following the prepared remarks, Mr. Peng and Mr. Ding will be available to answer your questions.

感謝各位今天參加好未來教育集團 2027 財政年度第一季度業績電話會議。業績新聞稿已於今日稍早發布，您可在公司投資者關係網站或透過新聞稿發布渠道取得副本。本次會議中，您將聽取總裁兼首席財務官彭先生（Alex Peng）以及副首席財務官丁先生（Jackson Ding）的發言。在管理層預先準備的發言之後，彭先生與丁先生將回答各位的提問。

Before we continue, please note that today's discussions will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC.

在我們繼續之前，請注意今天的討論將包含前瞻性陳述，該等陳述係依據 1995 年《美國私人證券訴訟改革法案》的安全港條款作出。前瞻性陳述存在風險與不確定性，可能導致實際結果與我們目前的預期存在重大差異。潛在風險與不確定性包括但不限於我們向美國證券交易委員會（SEC）提交的公開文件中所列示者。

For more information about these risks and uncertainties, please refer to our filings with the SEC. Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

關於上述風險與不確定性的更多資訊，請參閱我們向 SEC 提交的文件。此外，我們的業績新聞稿及本次電話會議亦包含對若干非 GAAP 財務衡量指標的討論。請參閱我們的業績新聞稿，其中載有非 GAAP 指標與最直接可比的 GAAP 指標之調節表。

I would like to turn the call over to Mr. Alex Peng. Alex, please go ahead.

現在我想把電話會議交給彭先生（Alex Peng）。Alex，請開始。

Thank you, Fang, and thanks to everybody for joining today's conference call. As we embark on fiscal year 2027, we remain focused on our key priorities of high-quality growth, disciplined execution and continuous efficiency improvement. Our mission is to empower students and nurture their holistic development. Guided by this mission, we are further refining our offerings, strengthening our operational capabilities and applying technology to address the evolving needs of students, their families and the society.

謝謝你，芳，也感謝各位參加今天的電話會議。在我們邁入 2027 財政年度之際，我們仍聚焦於高品質成長、嚴謹執行以及持續提升效率等關鍵優先事項。我們的使命是賦能學生並培育其全面發展。在此使命指引下，我們正進一步精進產品與服務、強化營運能力，並運用科技以回應學生、家庭與社會不斷演變的需求。

We believe this commitment will unlock the potential of individual learners while driving high quality growth and sustainable profitability. Learning services remain the cornerstone of our business delivering high quality learning experiences to our users across both online and offline platforms. Alongside it, we are developing our content solutions business to reach more users with our proprietary and third-party content. Together, these 2 pillars create an integrated learning journey fostering longer, deeper and stronger user engagement.

我們相信，這項承諾將釋放個別學習者的潛能，同時推動高品質成長與可持續的獲利能力。學習服務仍是我們業務的基石，透過線上與線下平台為用戶提供高品質的學習體驗。同時，我們也在發展內容解決方案業務，透過自有及第三方內容觸達更多用戶。這兩大支柱共同打造整合式學習旅程，促進更長期、更深入且更強的用戶參與。

Our first quarter performance reflected progress across both learning services and content solutions. Let me first discuss our offline learning services. We continue to see healthy growth in our offline Peiyou learning programs building on our deep expertise, proven teacher development system and strong organizational capabilities. What sets these programs apart is the face-to-face interaction between teachers and students, particularly the empathy, encouragement and real connection that our teachers provide every day.

我們第一季度的表現反映出學習服務與內容解決方案兩方面均取得進展。我先談談我們的線下學習服務。憑藉深厚的專業積累、成熟的教師培訓體系以及強大的組織能力，我們的線下培優學習項目持續保持健康成長。這些項目的獨特之處在於教師與學生之間的面對面互動，尤其是我們教師每天所提供的同理心、鼓勵與真實連結。

These human-centric elements foster higher engagement, motivation and the learning experience that other formats can't match. We have witnessed sustained demand for our offline programs. To serve this demand, we're expanding our learning center network with discipline. This quarter, we focused on strengthening our presence in existing cities to prepare for summer season. Today, we operate in 44 cities across Chinese Mainland as well as select international markets with over 600 learning centers in total.

這些以人為本的要素帶來更高的參與度、學習動機與學習體驗，是其他形式難以比擬的。我們看到線下項目需求持續旺盛。為了滿足需求，我們以審慎的方式擴展學習中心網絡。本季度，我們重點加強在既有城市的佈局，以為暑期旺季做準備。目前，我們在中國大陸 44 個城市以及部分海外市場開展業務，學習中心總數超過 600 家。

Our online enrichment learning business also made steady progress. We continue to refine our programs with enhanced course offerings and more interactive teaching approaches. This technology empowered approach provides an engaging and personalized learning experience helping sustain user engagement and foster greater interest in learning. Revenue from learning devices business grew year-over-year in the quarter driven by our dual focus on strengthening product capabilities and enhancing go-to-market execution. In July, we launched the new T6 series, our latest flagship tablet model, featuring major upgrades across the AI experience, content and hardware.

我們的線上素養提升學習業務也穩步推進。我們持續優化課程，提供更豐富的課程選擇並採用更具互動性的教學方式。這種以科技賦能的方式提供更具吸引力且更個人化的學習體驗，有助於維持用戶參與並培養更高的學習興趣。本季度學習設備業務收入同比成長，主要受益於我們一方面強化產品能力、另一方面提升市場拓展與執行力的雙重聚焦。7 月，我們推出全新 T6 系列作為最新旗艦平板機型，在 AI 體驗、內容與硬體方面均有重大升級。

These innovations set the direction of our ongoing product iteration by building learning devices that better understand students' needs, provide personalized guidance and foster self-directed learning. As our learning device portfolio and user base continues to expand, key engagement metrics remain stable and healthy. In the first quarter, weekly active learning devices exceeded 2 million units with a weekly active rate of around 80% and average daily active usage of about one hour per device.

這些創新為我們持續的產品迭代指明方向：打造更能理解學生需求、提供個人化指導並促進自主學習的學習設備。隨著學習設備產品組合與用戶規模持續擴大，關鍵參與度指標保持穩定且健康。第一季度，每週活躍學習設備超過 200 萬台，每週活躍率約 80%，且每台設備的日均活躍使用時長約 1 小時。

With that overview, let me turn to our financial performance for the quarter. We delivered robust top and bottom line growth in the first quarter. Our net revenues were USD758 million or RMB 5.191 billion representing a year-over-year increase of 32% and 25% in US dollar and RMB terms, respectively. Our non-GAAP income from operations was USD149 million representing a year-over-year increase of 492%.

在上述概述之後，我來介紹本季度的財務表現。第一季度我們實現了營收與利潤的強勁成長。淨營收為 7.58 億美元或 51.91 億人民幣，按美元與人民幣口徑分別同比成長 32% 與 25%。非 GAAP 經營利潤為 1.49 億美元，同比成長 492%。

Our non-GAAP operating margin increased to 19.6% from 4.4% for the same period last year. This profitability improvement reflects greater operating leverage and lower sales and marketing costs made possible by the strength of our services and products.

非 GAAP 經營利潤率由去年同期的 4.4% 提升至 19.6%。獲利能力的改善反映出更高的營運槓桿，以及在我們服務與產品實力支撐下得以實現的較低銷售與行銷成本。

Our non-GAAP net income attributable to TAL reached USD420 million for the quarter. These healthy results highlight our ability to optimize core operations and build a more efficient operating model, reinforcing our confidence in achieving high-quality growth and creating long-term value.

本季度歸屬於好未來（TAL）的非 GAAP 淨利達 4.20 億美元。這些健康的結果凸顯我們優化核心營運並建立更高效率營運模式的能力，進一步強化我們對實現高品質成長與創造長期價值的信心。

I will now hand the call over to Jackson, who will provide more details on our operational developments across core business lines and review our financial results for the first fiscal quarter. Jackson, over to you.

接下來我把電話會議交給 Jackson，他將就核心業務線的營運進展提供更多細節，並回顧本財政年度第一季度的財務結果。Jackson，交給你。

Thank you, Alex. I will discuss our operating progress across our core business lines and then review our financial results for the first fiscal quarter.

謝謝你，Alex。我將先介紹我們核心業務線的營運進展，然後回顧本財政年度第一季度的財務結果。

Let me start with our offline Peiyou enrichment programs. In the first quarter, Peiyou learning programs continued to deliver year-over-year revenue growth. Consistent service quality and broad user recognition drove steady year-over-year growth in student enrollment. Positive feedback from students and parents continues to reaffirm the value we provide. We continued to expand our learning center network at a measured pace during the quarter.

我先從線下培優素養提升項目談起。第一季度，培優學習項目持續實現收入同比成長。穩定的服務品質與廣泛的用戶認可，推動學生報名人數同比穩步增加。來自學生與家長的正面回饋持續印證我們所提供的價值。本季度我們仍以適度的節奏擴展學習中心網絡。

Our priority is to maintain service quality and operating efficiency as we grow. We evaluate local demand, user receptivity, organizational capability and overall business health when making expansion decisions. This allows us to serve more users while maintaining a healthy and sustainable operating model. In the first quarter, Peiyou's overall business and financial health remained solid. We expect this business to continue growing at a steady pace while remaining an efficient operating model.

我們的首要任務是在成長過程中維持服務品質與營運效率。在做出擴張決策時，我們會評估當地需求、用戶接受度、組織能力以及整體業務健康狀況。這使我們能在維持健康且可持續的營運模式下服務更多用戶。第一季度，培優整體業務與財務健康狀況仍然穩健。我們預期該業務將在保持高效率營運模式的同時，持續以穩健步伐成長。

Turning to online enrichment learning. We continued to leverage technology to improve how students learn and interact in online settings. During the quarter, we refined our products with enhanced course offerings and more interactive learning experiences tailored to students' online learning needs. These upgrades make the learning progress more responsive and engaging, driving a more personalized learning journey.

接著談到線上素質培優學習。我們持續運用科技，改善學生在線上環境中的學習與互動方式。本季度，我們優化產品，提供更豐富的課程選擇，並打造更具互動性的學習體驗，以貼合學生的線上學習需求。這些升級使學習進度更具回應性與參與感，推動更個人化的學習旅程。

Next, let me discuss our learning device business. It delivered year-over-year revenue growth, reflecting our continued progress in product development, user experience and go-to-market execution. We remain focused on building a complete and differentiated product portfolio that meets users' diverse learning needs. Recently, we launched the new T6 series to better support students' thinking process and inspire self-directed learning. A key upgrade is the enhanced AI learning companion for recorded courses, which provides preclass guidance, real-time feedback, post-class summaries and question-and-answer support.

接下來，我想談談我們的學習裝置業務。該業務實現年對年營收成長，反映我們在產品研發、使用者體驗與市場推進執行方面的持續進展。我們仍專注於打造完整且具差異化的產品組合，以滿足使用者多元的學習需求。近期，我們推出全新 T6 系列，以更好地支援學生的思考過程並激發自主學習。其中一項關鍵升級是針對錄播課程強化的 AI 學習夥伴，可提供課前指引、即時回饋、課後摘要以及問答支援。

The companion also features AI-driven diagnostics, tailored study plans and AI-generated notes, acting as both a learning partner and a personalized study coach. We have also enriched the content offerings for the T6 flagship International Edition with expanded global educational resources and course materials. On the hardware front, the T6 series features upgraded ultra-high resolution displays backed by 10 respected eye protection certifications. It is also the first learning device globally to receive SGS certification for natural lighting viewing giving students a clearer and more comfortable experience.

該夥伴亦具備 AI 驅動的診斷、量身打造的學習計畫與 AI 生成筆記，既是學習夥伴，也是個人化的學習教練。我們也為 T6 旗艦國際版擴充全球教育資源與課程教材，進一步豐富內容供給。在硬體方面，T6 系列配備升級的超高解析度顯示螢幕，並通過 10 項權威護眼認證。它也是全球首款獲得 SGS 自然光觀感認證的學習裝置，為學生帶來更清晰、更舒適的體驗。

Next, I would like to walk you through our key financial results for the first fiscal quarter. Please note that all financial data for the quarter are unaudited. Our net revenues were [USD658 million] or RMB 5.191 billion, representing a year-over-year increase of 32% and 25% in US dollar and RMB terms, respectively. Cost of revenues increased by 23% year-over-year to USD320 million. On a non-GAAP basis, excluding share-based compensation expenses, cost of revenues also increased by 24% year-over-year to USD320 million.

接下來，我想帶各位回顧我們第一財季的主要財務結果。請注意，本季度所有財務數據均未經審計。我們的淨營收為[6.58 億美元]（或人民幣 51.91 億元），以美元及人民幣計分別年對年成長 32% 與 25%。營收成本年對年增加 23% 至 3.20 億美元。按非 GAAP 口徑（剔除股份基礎薪酬費用），營收成本亦年對年增加 24% 至 3.20 億美元。

Gross profit increased by 39% year-over-year to USD438 million. Gross margin for the first quarter of fiscal year 2027 was 57.8% compared to 54.9% in the same period of the prior year. Turning to operating expenses. Selling and marketing expenses decreased by 5% year-over-year to USD172 million. On a non-GAAP basis, excluding share-based compensation expenses, selling and marketing expenses also decreased by 5% year-over-year to USD169 million, representing 22% of total net revenues compared to 31% in the same period last year.

毛利年對年增加 39% 至 4.38 億美元。2027 財年第一季度毛利率為 57.8%，去年同期為 54.9%。接著看營業費用。銷售與行銷費用年對年下降 5% 至 1.72 億美元。按非 GAAP 口徑（剔除股份基礎薪酬費用），銷售與行銷費用亦年對年下降 5% 至 1.69 億美元，佔淨營收比重為 22%，去年同期為 31%。

General and administrative expenses increased by 7% year-over-year to USD129 million. On a non-GAAP basis, excluding share-based compensation expenses, general and administrative expenses also increased by 7% year-over-year to USD121 million, representing 16% of total net revenues compared to 20% in the same period last year. Total share-based compensation expenses allocated to related operating costs and expenses were USD12 million in the first quarter of fiscal year 2027 compared to USD11 million in the same period last year.

一般及行政費用年對年增加 7% 至 1.29 億美元。按非 GAAP 口徑（剔除股份基礎薪酬費用），一般及行政費用亦年對年增加 7% 至 1.21 億美元，佔淨營收比重為 16%，去年同期為 20%。2027 財年第一季度分攤至相關營業成本與費用的股份基礎薪酬費用合計為 1,200 萬美元，去年同期為 1,100 萬美元。

Income from operations was USD137 million in the first quarter of fiscal year 2027 compared to USD14 million in the same period last year. Non-GAAP income from operations, which excludes share-based compensation expenses, was USD149 million compared to USD25 million in the same period last year. Net income attributable to TAL was USD408 million in the first quarter of fiscal year 2027 compared to USD31 million in the same period last year. Non-GAAP net income attributable to TAL, which excludes share-based compensation expenses, was USD420 million compared to USD42 million in the same period last year.

2027 財年第一季度營業利益為 1.37 億美元，去年同期為 1,400 萬美元。非 GAAP 營業利益（剔除股份基礎薪酬費用）為 1.49 億美元，去年同期為 2,500 萬美元。歸屬於 TAL 的淨利為 4.08 億美元，去年同期為 3,100 萬美元。非 GAAP 歸屬於 TAL 的淨利（剔除股份基礎薪酬費用）為 4.20 億美元，去年同期為 4,200 萬美元。

Moving on to our balance sheet. As of May 31, 2026, the company had approximately USD1.6 billion of cash and cash equivalents, USD1.2 billion of short-term investments and USD306 million in current and noncurrent restricted cash. Our deferred revenue balance was approximately USD1.2 billion as of the end of the first fiscal quarter. Now turning to our cash flow statement. Net cash provided by operating activities for the first quarter of fiscal year 2027 was USD478 million.

接著看資產負債表。截至 2026 年 5 月 31 日，公司持有約 16 億美元的現金及現金等價物、12 億美元的短期投資，以及 3.06 億美元的流動及非流動受限制現金。截至第一財季末，我們的遞延收入餘額約為 12 億美元。接著看現金流量表。2027 財年第一季度經營活動提供的淨現金為 4.78 億美元。

Finally, I would like to briefly address our share repurchase program. In July 2026, the company's Board of Directors approved a 12-month extension of its share repurchase program originally launched in July 2025. Under the extended program, the company may spend up to approximately USD393.7 million to repurchase its common shares through July 28, 2027. Between April 23, 2026, and July 28, 2026, the company repurchased approximately 1.2 million common shares at an aggregate consideration of approximately USD41 million.

最後，我想簡要說明我們的股份回購計畫。2026 年 7 月，公司董事會批准將原於 2025 年 7 月啟動的股份回購計畫延長 12 個月。在延長後的計畫下，公司可於 2027 年 7 月 28 日前動用最多約 3.937 億美元回購普通股。在 2026 年 4 月 23 日至 2026 年 7 月 28 日期間，公司以約 4,100 萬美元的總對價回購約 120 萬股普通股。

In terms of our overarching capital allocation strategy, we will continue to take a prudent and balanced approach; weigh our business development needs, investment opportunities and financial position and market conditions.

就整體資本配置策略而言，我們將持續採取審慎且均衡的做法；綜合考量業務發展需求、投資機會、財務狀況以及市場環境。

That concludes my review. I will now turn the call back to Alex for his comments on our strategy and outlook. Alex, please go ahead.

以上是我的回顧。接下來我把電話交回給 Alex，請他就我們的策略與展望發表看法。Alex，請開始。

Thanks, Jackson. I would like to share a few thoughts on our outlook and strategy. Looking ahead to the full fiscal year 2027, we'll continue to build on the progress we've made. Our priorities are unchanged: high-quality growth, disciplined execution and continuous efficiency improvement. From an operational standpoint, we will keep strengthening execution across all of our businesses.

謝謝你，Jackson。我想分享幾點關於我們展望與策略的想法。展望 2027 財年全年，我們將持續在既有進展上再接再厲。我們的優先事項不變：高品質成長、紀律執行，以及持續提升效率。從營運角度來看，我們將持續強化各項業務的執行力。

This means refining our offerings, enhancing our go-to-market strategies and further building our organizational capabilities. Technology will continue to play a key role helping us improve the learning experience, streamline operations and boost efficiency.

這意味著精進我們的產品與服務、強化市場推進策略，並進一步建構組織能力。科技將持續扮演關鍵角色，協助我們改善學習體驗、簡化營運並提升效率。

Financially, we are focused on achieving sustainable, high-quality growth and stronger long-term competitiveness rather than pursuing growth for its own sake. Building on the solid progress we achieved in the first quarter, we remain committed to improving efficiency and operating margin for the full fiscal year. In short, by balancing disciplined growth with continued efficiency gains, we aim to improve operating leverage, deliver sustained profitability improvement and build a more efficient operating model for the long-term growth.

在財務方面，我們專注於實現可持續的高品質成長與更強的長期競爭力，而非為成長而成長。在第一季度取得穩健進展的基礎上，我們仍致力於在 2027 財年全年提升效率與營業利潤率。總而言之，透過在紀律成長與持續效率提升之間取得平衡，我們希望改善營運槓桿、帶來持續的獲利能力提升，並為長期成長建立更高效率的營運模式。

That concludes my prepared remarks. Operator, we are ready to open the call for questions.

以上是我事先準備的發言。接線員，我們準備開始問答環節。

Yes, thank you. We will now begin the question-and-answer session. (Operator Instructions)

好的，謝謝。我們現在開始問答環節。(接線員指示)

Jenny Yuan, UBS.

Jenny Yuan，瑞銀（UBS）。

Thank you. Good evening. Thanks, members, for taking my question and congrats on the strong for the results. My question is regarding our Peiyou offline business. So could you please share some color on Peiyou's business momentum, including current revenue growth trends, overall business health, learning center expansion plans and also summer enrollment performance? And looking ahead, how should we think about Peiyou's growth trajectory over the next 2 to 3 years and what are the key growth drivers behind?

謝謝。晚安。感謝各位讓我提問，也恭喜本季交出亮眼的成績。我的問題是關於我們培優線下業務。能否請您分享一些培優業務動能的細節，包括目前營收成長趨勢、整體業務健康度、學習中心擴張計畫，以及暑期招生表現？另外展望未來，我們應如何看待培優未來2到3年的成長軌跡，以及背後的關鍵成長驅動因素是什麼？

This is Alex. Let me take this question. So in the first quarter, our Peiyou offline business really continued to deliver double-digit year-over-year growth. That's the first thing I want to register. Consistent with the strategy, I think we've talked about the strategy previously, we really continue to prioritize the overall health of our Peiyou offline programs and the operating efficiency of our learning center network.

我是Alex。我來回答這個問題。第一季，我們的培優線下業務確實持續實現年對年雙位數成長。這是我想先強調的第一點。與我們的策略一致——我想我們之前也談過這個策略——我們持續優先關注培優線下課程的整體健康度，以及學習中心網路的營運效率。

So if you take the Peiyou enrichment learning as an example, the retention rate, which is a key metric, it remained healthy at over 80% in the first quarter, which was consistent with the previous year.

以培優素養／拓展類學習為例，留存率是關鍵指標之一，第一季仍維持在80%以上的健康水準，與去年同期一致。

So as we talked about this earlier, while technology and AI continue to shape the future of education, we believe that human interaction really remains an essential part of the learning experience. So building on this belief, we continue to strengthen our organizational capabilities around what we call the human intensity of that learning experience, the human intensity. But of course we also leverage technology to enhance both the classroom experience and the teaching, the efficiency of that delivery of the teaching.

如同我們先前提到的，儘管科技與AI持續塑造教育的未來，我們相信人與人的互動仍是學習體驗中不可或缺的一部分。基於這個信念，我們持續強化組織能力，聚焦於我們所稱的學習體驗「人本密度」（human intensity），也就是人本密度。當然，我們也會運用科技來提升課堂體驗，以及教學交付的效率。

So for example, we continue to upgrade and roll out our dual smart large and small screen solution in our enrichment learning center classrooms. Through the small screen, students can participate in interactive learning games. They earn points, they stay more engaged and they stay more motivated throughout the class. And they can also have the performance of that learning journey recorded across the entire lesson. So we'll also continue to strengthen our curriculum development, something we've been very steadfast and committed to over the past decade, enhance our products and improve our services as these remain the fundamental drivers of our long-term competitiveness.

例如，我們持續在素養學習中心的教室升級並推廣「雙智慧大／小屏」解決方案。透過小屏，學生可以參與互動式學習遊戲。他們可以獲得積分，在課堂中保持更高的投入度與動機。同時，他們的學習歷程表現也能在整堂課中被記錄下來。此外，我們也會持續強化課程研發——這是我們過去十年一直堅定投入與承諾的方向——以提升產品、改善服務，因為這些仍是我們長期競爭力的根本驅動因素。

We're exploring offerings across different age groups and additional subjects based on demand and how we look at the future progress of what parents and students may need. We'll continue to develop our teaching talent, which again is key, key to that human intensity and expand our learning center network. So we'll bring a broader range of offline learning programs to more students. So looking ahead, we remain confident that offline Peiyou learning programs will continue to grow at a healthy pace over the longer term supported by our product capabilities, solid demand for offline learning and the still fragmented offline market.

我們也在根據需求，探索不同年齡層與更多科目的課程供給，並結合我們對未來家長與學生需求演進的判斷。我們會持續培養教學人才——這同樣是人本密度的關鍵——並擴張學習中心網路。因此，我們能把更廣泛的線下學習方案帶給更多學生。展望未來，我們仍有信心培優線下學習方案在更長期將以健康的速度持續成長，並由我們的產品能力、對線下學習的穩健需求，以及仍然分散的線下市場所支撐。

So Jenny, I hope that answers your question.

Jenny，希望這回答了你的問題。

Thanks, Alex. Very helpful.

謝謝你，Alex。非常有幫助。

Timothy Zhao, Goldman Sachs.

下一位提問：高盛（Goldman Sachs）的Timothy Zhao。

Great. Good evening, Alex and Jackson. Thank you for taking my question and congrats on the very strong results this quarter. My question is regarding the learning devices business. Just wondering how do you view the overall demand trend for this fiscal year in this specific market?

好的。晚安，Alex和Jackson。感謝讓我提問，也恭喜本季非常強勁的業績表現。我的問題是關於學習設備業務。想請教您如何看待本財年在這個細分市場的整體需求趨勢？

What are the strategic priorities and the profitability level of your learning device business? And this year, we are seeing a softer consumer electronics market, including the learning devices demand and also the BOM cost increased quite a bit.

學習設備業務的策略重點與獲利水準如何？另外，今年我們看到消費性電子市場偏弱，包括學習設備需求走軟，同時BOM（物料清單）成本也上升不少。

Just wondering what is your latest strategy in this business segment and how do you prioritize volume, pricing and margins within this learning devices segment?

想請教您在這個業務板塊的最新策略是什麼？以及在學習設備板塊中，您如何在出貨量、定價與毛利率之間做取捨與排序？

Thanks, Timothy. This is Alex. Let me take this one as well. So you asked a complex question about a very complex set of dynamics in the market. Let me try to unpack that. But let me first just share some color on our recent financial performance and the trends we see.

謝謝你，Timothy。我是Alex。我也來回答這題。你問的是一個相當複雜的問題，涉及市場上一系列非常複雜的動態。我嘗試把它拆解說明。不過我先分享一下我們近期的財務表現，以及我們觀察到的趨勢。

So learning device revenue grew year-over-year in the first quarter. The business also saw an improvement in the bottom line. We think that really reflects the operational initiatives we've implemented as well as the timing of deferred revenue recognition, okay? So as I said, there's a set of complex dynamics in the market and this performance was really achieved in the midst of that complex and evolving market.

第一季，學習設備營收年對年成長。該業務的獲利（底線）也有所改善。我們認為這反映了我們已落地的營運改善措施，以及遞延收入認列時點的影響，好嗎？如我所說，市場存在一系列複雜動態，而我們是在這個複雜且持續演變的市場環境中取得這樣的表現。

The learning device market continues to be shaped by respectable competition, shifting consumer sentiment and, as you said, rising component costs. So we really see all of these result in increased market volatility and we expect these dynamics to persist into fiscal year 2027.

學習設備市場仍受到激烈競爭、消費者情緒變化，以及你提到的零組件成本上升所影響。我們確實看到這些因素導致市場波動加大，並預期這些動態將延續至2027財年。

So for this fiscal year 2027, we'll continue to drive the overall margin profile of the learning devices business. In response to higher memory chip costs, we've taken some proactive measures to optimize our inventory, streamline SKUs and refine our product portfolio. I think we are also driving greater operating efficiency and also greater discipline, I would say, across the organization.

因此在2027財年，我們將持續推動學習設備業務的整體毛利結構。針對記憶體晶片成本上升，我們已採取一些前瞻性的措施來優化庫存、精簡SKU，並調整產品組合。我認為我們也在推動更高的營運效率，同時在全組織層面建立更強的紀律。

So together, if you look at these initiatives, they're really intended to mitigate -- I would say, mitigate the cost pressures while preserving our long-term competitiveness. So if I take a step back and look at this from a longer-term strategic perspective, at their core, the learning devices, they really deliver strong value to users. They empower students with AI-driven personalization and self-directed learning for example. They also broaden access for the students to our proprietary and third-party content. So combined with our services, the learning devices, they really create a more integrated learning journey. They drive longer, deeper, stronger user engagement, right?

綜合來看，這些舉措主要是為了緩解成本壓力，同時維持我們的長期競爭力。如果我退一步、從更長期的策略角度來看，學習設備的核心在於為使用者提供很強的價值。例如，它們能以AI驅動的個人化與自主學習來賦能學生。它們也能讓學生更廣泛地取得我們的自有內容與第三方內容。再結合我們的服務，學習設備能打造更整合的學習旅程。並帶來更長、更深、更強的使用者參與度，對吧？

I shared some of the numbers earlier on the call. We now have, as of first quarter, over 2 million devices. The weekly active usage is 80% and we average about 1 hour per device per day. So these really, I'd say, they broaden access to more students and they drive longer, deeper and stronger user engagement. So this is really why we remain committed to continued strategic investment in the space as we explore the, I would call, convergence of education and technology.

我在電話會議前面也分享過一些數據。截至第一季，我們的設備數已超過200萬台。每週活躍使用率為80%，且平均每台設備每天使用約1小時。因此我會說，這些設備確實讓更多學生得以接觸到我們的學習內容與服務，並帶來更長、更深、更強的使用者參與。這也是為什麼我們仍致力於在這個領域持續進行策略性投入，並探索教育與科技的融合趨勢。

So Timothy, I hope that answers your question.

Timothy，希望這回答了你的問題。

Sure. Thank you, Alex.

好的。謝謝你，Alex。

Jing Yuan, CICC.

下一位提問：中金公司（CICC）的袁晶（Jing Yuan）。

Good evening, Alex and Jackson. Thank you for taking my question. Congratulations on the strong quarter. So we can see first quarter's revenue and profitability came in well ahead of our expectation. Could you provide more color on revenue growth and profitability? In addition, could you share any further color for the rest of this fiscal year? Thanks.

晚安，Alex和Jackson。感謝讓我提問。恭喜本季表現強勁。我們看到第一季的營收與獲利能力都明顯優於我們的預期。能否請您提供更多關於營收成長與獲利能力的細節？另外，也請分享對本財年剩餘期間的更多展望。謝謝。

Thank you for the question. This is Jackson. Let me take this one. So first on top line revenue growth, I think we've discussed this a few times in the past few quarters. As the scale of the business expands, you have seen our growth rate normalizing over the last few quarters and we expect growth rate to continue to moderate in the next quarter.

感謝您的提問。我是 Jackson。我來回答這題。首先關於營收（top line）成長，我想我們在過去幾個季度已經討論過幾次。隨著業務規模擴大，您已看到我們的成長率在過去幾個季度趨於常態化，我們預期下個季度成長率將持續放緩。

Let me offer a bit more color on business level growth. If you look at Peiyou offline learning services business which, by the way, remains our largest revenue contributor, it delivered another quarter of double-digit year-over-year growth.

我再補充一些關於各業務層級成長的細節。如果您看培優線下學習服務業務（順帶一提，這仍是我們最大的營收貢獻來源），本季度再次實現了雙位數的年增成長。

This performance was driven by steady demand, consistent service quality, broad user recognition and ongoing expansion of our learning centers. As for our learning device business, as Alex talked about, we are operating in an evolving market shaped by changing competitive dynamics, shifting user sentiment and rising component costs. We expect these trends to persist over the next several quarters and we expect market conditions to remain volatile. We are committed to serving more users and delivering more learning hours through our learning devices.

這項表現主要受穩健需求、穩定的服務品質、廣泛的用戶認可，以及我們學習中心持續擴張所帶動。至於我們的學習裝置業務，如 Alex 所提到，我們正處於一個持續演變的市場，受到競爭格局變化、用戶情緒轉變以及零組件成本上升的影響。我們預期這些趨勢在未來幾個季度仍將持續，市場環境也將維持波動。我們致力於透過學習裝置服務更多用戶並提供更多學習時數。

Our priorities are to strengthen the product experience and to improve operating efficiency. We believe disciplined execution across both product and operations will position the business well for sustainable long-term growth. Now as for profitability, improving our profitability remains an important priority for us in fiscal 2027. As always, we view profitability as the result of both value creation and operating efficiency. This requires us to consistently deliver valuable products and services to our users while driving operational excellence across the company.

我們的優先事項是強化產品體驗並提升營運效率。我們相信在產品與營運兩方面的紀律性執行，將使業務具備可持續的長期成長動能。至於獲利能力，提升獲利仍是我們在 2027 財年的重要優先事項。一如既往，我們將獲利視為價值創造與營運效率共同作用的結果。這要求我們在持續為用戶提供有價值的產品與服務的同時，推動全公司營運卓越。

At the company level, we're seeing operating leverage materialize as our business scales and as our business processes become more efficient year-over-year. This allows us to manage our expenses with greater discipline and improve overall profitability. Looking ahead, we remain committed to achieving improvements in profitability this year versus last. If you recall, if you compare our non-GAAP operating margin in fiscal '26 versus fiscal '25 full year, our non-GAAP operating margin improved by approximately 8 percentage-points. This year in fiscal '27, we aim to continue to achieve improvements in operating margin.

在公司層面，隨著業務規模擴大以及我們的業務流程逐年更有效率，我們正看到營運槓桿逐步顯現。這使我們能以更高的紀律管理費用並提升整體獲利能力。展望未來，我們仍致力於今年相較去年提升獲利表現。如果您還記得，若比較 26 財年與 25 財年全年的 non-GAAP 營業利潤率，我們的 non-GAAP 營業利潤率約提升了 8 個百分點。今年在 27 財年，我們的目標是持續提升營業利潤率。

I hope that answers your question.

希望這回答了您的問題。

Thank you, Jackson. That's helpful.

謝謝你，Jackson。這很有幫助。

Elsie Sheng, CLSA.

Elsie Sheng，里昂證券（CLSA）。

Thank you, Alex and Jackson and Fang. My question is I noticed there is a big increase in other income this quarter. Could you explain on that as well as the significant increase in the long-term investment if you look at the balance sheet?

謝謝 Alex、Jackson 和 Fang。我的問題是，我注意到本季度其他收入大幅增加。能否也請您解釋一下，以及如果看資產負債表，長期投資顯著增加的原因？

Elsie, thank you for the question. This is Jackson. Let me also take this one. I would say as a part of capital allocation strategy, we maintain an investment portfolio that's aimed at both enhancing shareholder returns and supporting business development. This portfolio ranges from traditional wealth management products to minority equity stakes and occasionally full-on acquisitions as you have seen in recent years.

Elsie，感謝你的提問。我是 Jackson。我也來回答這題。我想說，作為資本配置策略的一部分，我們維持一個投資組合，目標是同時提升股東回報並支持業務發展。這個投資組合涵蓋從傳統理財產品到少數股權投資，並且如您近年所見，偶爾也會進行完整的併購。

Elsie, you asked about other income. In this past quarter, valuations for some of our investment holdings increased and that's the primary driver of an increase in our other income.

Elsie，你問到其他收入。在剛過去的季度，我們部分投資持有項目的估值上升，這是其他收入增加的主要驅動因素。

While these gains contributed positively to our financial results, I would just emphasize again that they are driven by market movements and may not recur in future. In terms of the increase in long-term investments on our balance sheet, that reflects 2 things. One is higher valuations for some of our investment holdings and two, ongoing capital deployment into our portfolio. We remain disciplined in allocating capital to opportunities that align with our long-term objectives while managing risks accordingly.

雖然這些收益對我們的財務結果有正面貢獻，但我也要再次強調，這些收益是由市場波動所驅動，未來未必會再發生。至於資產負債表上長期投資的增加，反映了兩件事。第一是我們部分投資持有項目的估值上升；第二是我們持續向投資組合投入資本。我們仍將以審慎的方式，把資本配置到符合我們長期目標的機會，同時相應管理風險。

I hope that answers your question.

希望這回答了您的問題。

Thank you. It's very clear and congratulations on the results.

謝謝。非常清楚，也恭喜你們的業績表現。

Eddy Wang, Morgan Stanley.

Eddy Wang，摩根士丹利。

Thank you for taking my question. My question is regarding the shareholder return. I want to ask on top of the annual share buyback plan, do we have a more formal and holistic capital return policy? And especially, I think in the past 6 to 12 months, the pressure on the US listed Chinese stocks actually are pretty high so prices are very volatile. sentiment has been changed a lot.

謝謝讓我提問。我的問題是關於股東回報。我想問，除了年度股票回購計畫之外，我們是否有更正式且更全面的資本回饋政策？尤其我認為在過去 6 到 12 個月，美國上市的中概股壓力其實相當大，因此股價非常波動，市場情緒也改變很多。

So will we have any plan to increase the size or faster pace of share repurchase in the next year or in the longer term?

那麼，我們是否有任何計畫在明年或更長期提高回購規模或加快回購節奏？

Eddy, thank you for the question. This is Jackson. Let me also take this one. First of all, I would just say returning value to our shareholders remain an important part of our overall capital allocation framework. We take a prudent and balanced approach, weighing our business development needs, investment opportunities, financial position and market conditions. Regarding share repurchase programs, if you look at last year, we executed roughly USD210 million in share buyback over the last 12 months with roughly USD41 million of that in the past quarter.

Eddy，感謝你的提問。我是 Jackson。我也來回答這題。首先我想說，為股東回饋價值仍是我們整體資本配置框架的重要一環。我們採取審慎且平衡的方式，綜合考量業務發展需求、投資機會、財務狀況以及市場環境。關於股票回購計畫，如果你看去年，我們在過去 12 個月大約執行了 2.10 億美元的股票回購，其中約 4,100 萬美元是在上一季度完成的。

We expect to keep executing our share repurchase program in a prudent and disciplined manner in line with our overall capital allocation priorities. Looking ahead, we intend to implement a more systematic and regular approach to returning capital to our shareholders.

我們預期將以審慎且有紀律的方式，依循整體資本配置優先順序持續執行股票回購計畫。展望未來，我們打算採取更系統化且更常態性的方式向股東返還資本。

Ultimately, our focus is on delivering an ongoing and relatively stable stream of value to reward those who hold long-term conviction in our company. As always, we'll continue to provide timely disclosures on our repurchase activities and keep investors informed of our progress. Eddy, I hope that answers your question.

最終，我們的重點是持續提供相對穩定的價值回饋，以獎勵對公司抱持長期信念的股東。一如既往，我們將持續就回購活動提供及時揭露，並讓投資人了解我們的進展。Eddy，希望這回答了你的問題。

Thank you. And this concludes the question-and-answer session. I would like to turn the conference back over to management for any closing comments.

謝謝。問答環節到此結束。我想把電話會議交回管理層，請他們做結語。

Again, thanks to everybody for joining us today, and we'll see you again next quarter.

再次感謝各位今天參與，我們下個季度再見。

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛斷電話線。